Economists believe the Rand will continue its decline in the coming months, which could see its value drop to R19 to the US Dollar.
This is according to Attard Montalto, emerging markets economist at Nomura, who told that the Rand could be between R18.37 and R19 against the US Dollar by the end of 2016.
The Rand already experienced a massive drop over the weekend as late on Sunday night, when Asian markets opened, the Rand tanked to as low as R17.99 to the US Dollar before pulling back to R17.25.
In trade on Monday morning, the Rand was trading at R16.72 to the dollar – a new record low, since hitting its weakest point on Friday.
It seems like South Africa will be going through tough times in the near future, especially when it comes to foreign markets and imports, and overseas travel.